THORChain (RUNE) is 1058.3× the size of Charli3 (C3) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 25 shared trading days). C3 has been the more volatile of the two, at 100% annualised against RUNE's 75%.
C3RUNE
0.27over 25 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | C3 | RUNE |
|---|---|---|
| Max drawdown (400d) | -35.6% | -73.7% |
| Risk-adjusted return (90d) | -0.26 | 0.54 |
| Best 30 days (past year) | — | +66.7% |
| Worst 30 days (past year) | — | -42.7% |
Relative strength over 90 days: RUNE outperformed C3 by 0.1% — measured on the C3/RUNE ratio, so it holds regardless of market direction.